The swift growth of Dogecoin over the years appears to have slowed in the past few months. Based on data, Dogecoin lost 32 per cent of its value in the month of May. The price drop was a continuation of the long-term bearish that had seen the crypto lose over 50 per cent of its value.
In the past few months, Dogecoin and other cryptocurrencies have come under fire following failed projects that have resulted in the loss of millions of dollars from investors. This includes the latest Terra Luna controversy that resulted in a cryptocurrency market mini-crash.
However, for Dogecoin, some of its critics in the past few weeks have been from its founders. Speaking on different occasions, both offered opinions about the downside of the cryptocurrency market.
Billy Markus, one of the founders, posited that 99 per cent of the cryptocurrencies today will fall to zero. He indicated that only three cryptocurrencies would remain: Bitcoin, Ethereum and Dogecoin. In the tweet, he also jokingly suggested the three would not go to zero because they mostly drop by 90 percent.
Jackson Palmer, the other Dogecoin co-founder, expressed sentiments of wishing all cryptocurrency would end. However, he also argued that most cryptocurrency projects were scams. He named NFTs, GIO, DAOs and CIOs as forms of scams that most people are falling for.
Despite the talk by Dogecoin’s co-founders, the crypto prices have remained relatively stable. In today’s trading session, the prices are already up by a percentage point. There is also a high likelihood of the prices continuing to gain throughout the session.
Looking at the chart below, the Dogecoin price has also been rising in the past few days. However, it is likely that the current rise in price is a bearish flag and not a long-term trend reversal. Therefore, my Dogecoin price prediction expects the prices to continue falling in the next few trading sessions.
There is also a high likelihood that we will see the prices hitting the recent $0.069 price low. However, if the prices close above $0.1 in the next few trading sessions, my bearish analysis will be invalidated. It will also signal the current push to the upside may be a price reversal rather than a bearish flag.
This post was last modified on Jun 01, 2022, 14:00 BST 14:00